Indian government to raise $2.14 billion from NTPC

The offer is 1.7 times subscribed with the lowest accepted bid coming at a 4.1% discount to the previous close. Meanwhile, the Indian government confirms it raised $590 million from the Oil India sale last week.

The Indian government will raise at least Rs114 billion $2.14 billion from its sale of a 9.5% stake in power producer NTPC after its auction-style sell-down was 1.7 times subscribed a big number for a deal this size.

Indeed, the offering exceeds the $1.1 billion sale of shares in iron ore miner NDMC in December as the biggest government divestment in the current fiscal year. It is also the largest equity deal in India since...